It looks like Bitcoin does not care much about corrections and it keeps making new highs. I am going to show you why I think BTC will surge again.
BTC/USD Short-Term Chart Analysis
- Current Price on CoinGecko at the moment of writing this article: $5722
- Resistance levels: $6200, $6460
- Support levels: $4900, $4600, $4200
Bitcoin hasn’t played out exactly as I expected in my previous technical analysis, however, it gained value as I have anticipated.
Other experienced analysts were expecting a major correction, but if it did not happen until now, it’s most likely to happen after the next surge.
What makes me think that?
Well, on bitcoin’s chart we can see a pattern that occurs mostly in bull markets. The so-called Ascending Broadening Wedge pattern is bullish in this case, and I expect it to also break bullish.
This pattern consists of swing highs and swing lows that are labeled A, B, C, D, E, F, and it most often occurs in the bull runs.
The pattern will be in play if we will see a price retracement to around $5500 and from there a move up to the confirmation area ($5650, yellow line). Usually, the confirmation area acts as a support area and may be tested. If the pattern plays out as expected, we could see BTC go to $6500. In case the pattern breaks bearish, we can expect $4600 or lower.
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Note: Please, keep in mind that this is not financial advice, it is just me sharing my opinion. I am not a financial advisor. Always make sure to do your own due diligence before investing.